Please provide correct answer with explanation for this general accounting question Green Brew Coffee, a large coffee retailer, reported the followingdata for 2021:Beginning Accounts Receivable (Jan 1, 2021) = $1,800 millionEnding Accounts Receivable (Dec 31, 2021) = $1,600 millionTotal Sales Revenue for 2021 = $15,000 millionCompute the amount of cash collected from customers during 2021.

Step 1: Definition of Cash Collected from CustomersCash collected from customers represents the…

Answered: Green Brew Coffee, a large coffee…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 10EA: Millennial Manufacturing has net credit sales for 2018 in the amount of $1,433,630, beginning...

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Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?
Berry Farms has an accounts receivable balance at the end of 2018 of $425,650. The net credit sales for the year are $924,123. The balance at the end of 2017 was $378,550. What is the number of days sales in receivables ratio for 2018 (round all answers to two decimal places)?
Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the company hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. The accounts receivable from customers at the end of the year are 120,000. You note that the accounts receivable at the beginning of the year were 190,000. The cash sales included 30,000 of prepayments for services to be provided over the period January 1, 2019, through December 31, 2021. a. Compute the companys accrual basis gross income for 2019. b. Would you recommend that Blue use the cash method or the accrual method? Why? c. The company does not maintain an allowance for uncollectible accounts. Would you recommend that such an allowance be established for tax purposes? Explain.
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6. At January 1, 2020, Teal Inc. had accounts receivable of $73,000. At December 31, 2020, accounts receivable is $54,000. Sales revenue for 2020 total $451,000.Compute Teal’s 2020 cash receipts from customers. Cash receipts from customers $
Joseph Co. reported the following financial information for 2020: Accounts receivable, January 1, 2020 P1,200 Accounts Receivable, December 31, 2020 250 Cash collection from customer on account 1,300 Joseph Co.’s service revenue rendered on account to clients amounted to
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General Accounting
Beyond Belief manufactures computer equipment and provides financing for purchases by its customers. Beyond Belief reported sales and interest revenues of $79,500 million for 2019. The balance sheet showed current and noncurrent receivables of $ 30,750 million at the beginning of 2019 and $ 26,900 million at the end of 2019. Compute the amount of cash collected from customers during 2019.
ABC Corporation began 2019 with an accounts receivable balance of $56,921. During 2019, ABC had sales revenue of $207,500: $35,000 of that was cash sales and $172,500 of that was credit sales. ABC wrote off $10,000 of uncollectible accounts and had payments on account of $180,000 Create a T-account for Accounts Receivable. Post the relevant information from above and calculate ABC Corporation’s Accounts Receivable balance at 12/31/19.
FedEx Corporation, a multinational delivery services company, is preparing its annual financial statements for the fiscal year ending May 31, 2024. The company's accounting department has compiled the following information: accounts receivable balance on June 1, 2023, was $8.2 billion; credit sales for the year totaled $92.5 billion; cash collections from customers amounted to $90.8 billion; and write-offs of uncollectible accounts were $0.4 billion. FedEx estimates that 2% of its ending accounts receivable balance will be uncollectible. The company wants to determine the balance of its accounts receivable, the allowance for doubtful accounts, and the net realizable value of accounts receivable as of May 31, 2024. PepsiCo, Inc., a multinational food and beverage corporation, is evaluating its fixed assets at the end of its fiscal year 2023. The company purchased a new bottling machine on January 1, 2020, for $5,000,000 with an estimated useful life of 10 years and a salvage value of…

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